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Section 15.03.15. Assurance of completion of improvements <br /> (a) Upon final approval of construction plans for required improvements, the subdivider shall enter into <br /> an agreement with the city to install or ensure the completion of the improvements as outlined in this <br /> section. The city will accept the subdivision and issue the certificate of final plat approval subject to <br /> the assurance of installation of improvements. <br /> (b) One of the following methods will be utilized by the developer to assure that improvements required <br /> by these regulations have been, can, or will be installed within the specified time and in accordance <br /> with the approved plans and specifications. <br /> (1) Certificate of completion of improvements. The subdivider may submit for approval to the <br /> engineering division a certificate stating that all improvements and installations to the <br /> subdivision required for its approval under the terms of this chapter have been made, added or <br /> installed in accordance with these specifications. <br /> (2) Security for completion of improvements. An estimate by the engineer of record to complete <br /> improvements shall be furnished for approval by the city engineer; the subdivider may provide <br /> one of the following assurances of completion instruments as assurance for completion of <br /> improvements. <br /> a. Cashier's check. The subdivider may provide a cashier's check in the full amount as <br /> specified by the engineer of record and agreed to by the city engineer as sufficient to <br /> complete the improvements and installations required to comply with these rules and <br /> . regulations. <br /> b. Certificate of deposit, treasury bond or other negotiable government security. The <br /> subdivider may provide a certificate of deposit, treasury bond or other negotiable <br /> government security for the full amount estimated to complete the improvements. Any <br /> interest accruing prior to acceptance by the city engineer shall be forfeited and considered <br /> as an additional administrative expense of the city on improvements which are not <br /> completed in a timely manner. The instruments allowed to be provided by this section shall <br /> be drawn on a financial institution insured by the Federal Deposit Insurance Corporation <br /> and licensed to do business in Arkansas. Further, the instrument provided shall be in the <br /> name of the City of Batesville, Arkansas, and shall be in increments no greater than one <br /> hundred thousand dollars ($100,000.00). The instrument will be returned to the subdivider <br /> once improvements are completed and accepted by the city engineer. All improvements <br /> shall be done in a timely manner as determined by the public works department. <br /> c. Irrevocable letter of credit. The subdivider is permitted to provide an irrevocable letter of <br /> credit to the city pursuant to the following conditions: <br /> 1. The letter of credit will be for an amount equal to the total estimated cost of the <br /> improvements as agreed upon by the subdivider and the public works department. <br /> 2. The letter of credit will be irrevocable in accordance with Arkansas Code Annotated § <br /> 4-5-101 et seq. (1987),as amended, and will list the City of Batesville,Arkansas, as the <br /> beneficiary of the irrevocable letter of credit. <br /> • 3. The letter of credit will be in a forma roved b the city pp y attorney. <br /> - 189 - Batesville Subdivision Regulations <br />